The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-21
PULLING OUT OF A PANIC.
CREDITORS LOOKING AFTER THE
EFFECTS OF KERsHAW & co.
The Late Corner iu Wheat Brings
General Collapse and Re-
eeiVer 10 the Firm.

CHICAGO, Ill, June 2O.-Joseph L
Hill and Adolph Floriheim, of Mil
waukee, filed a bill of complain
against Charles j. Kershsw, Hamilton
Dswsre, and Charles B. Egzles,oo
coportrers under the rame OF O. ]
Kersbaw & Co, in the United Statel
District Court today. IKE suit II
brought in behalf of all creditors o.
the limited partnership of KeIshaw &
%. who may elect to come in under
this bill and become parties to the sui
against Kershaw, Dswsr, Eggleston
the American Exchange National
Bank, of Chicago, d. w. Irwin, presi
dent, Augustus W. Green and Alex
ander Dswar. The bill alleges that
Kershaw, Dswsr and Eggleston formed
a limited partnership on October 29,
1885, Egsleston being the special part.
ner, and that the latter contributed
$25, 900 in cash, and that the partner.
ship began November /, 1885, and
will end November l, 1891, unless ter
minated by the death OF one OF the
co partners; that the firm contracted
to deliver large quantities OF wheat in
May, June and July, 1887, and in
cured pecunlsry obligations to the
sum OF $l,000,000. That it's capital
stock, property assets and effects were
OF much lees value than the amount
of its debts and liabilities, and
wholly insufficient to pay the
same in full or more than about 80
cents on the dollar, and that the firm
for several days prior thereto had
great difficulty in paying its debts,
and that insolvency was then known
to the members Of the firm. The bill
luther states that the petitioners have
had Jorge transactions with the firm,
aud that on June 10th the partnership
was indebted 10 them in the sum Of
$1,000. l. ia charged thai Kershaw
= Go. unlawfu'ly paid tbs American
Bank ab1ut $500O0O;
irwin, Green & Co., 100000; Charles
B. Eggleston, the special partner,
100000; David W. Irwin, $500, 900,
and Alexander L. Dewsr, 100000.
The petitioners ask that y receiver be
appointed. They also charge that
kershaw & Go. have in their posses
ion grain and assets to the amount of
300, 600, and say shat unless re-
'eiver Is at once appointed the proper
y Is liable to be seized. The bill also
ays that the sum of $500,00 is due
he American Exchange National
Bank and Irwin, Green & Co., which
liable to be garnieheed. That
ertsin debtors deposited in
he American Exchange National
Bank about June 18th, $780,
90, and that OF that amount
he bank now has between $500 900
nd 100000 in its vaults. The bill
leo asks that Kershaw, Dewar, Esles-
on, the American Exchange National
Sank, ID. W. Twin and A. l.. Dewar,
heir attorneys or agents, bs epjoined
rom paying to any person or persons
ny money that may come into its
'ossession. AS soon as the announce
nent was made that a receiver had |
cen appointed tor @. ]. Kershaw & |
TO-, the meeting of the creditors,
Thich was to have taken place this |
ternoon, was Immediately declared |
q. The creditors will meet to hear |
ne report of the receiver as soon as he
an arrive at some conclusion as to the
ssets and liabilities of the bankrupt
I'M. This may take a week. There
ever has been failure on the Board
Trade go full of complications as
lis, and q town meeting litigation
YER the assets Can only result in par
lg down of the final dividends.
Fleming & Boyden have commenced
lit against O. J. Kershsw in the Su-
erior Court for ShO.00N.